Have you been denied a bank account due to a negative banking history? If so, you’re not alone. Fortunately, there are alternative banking solutions that can help you, even if your past banking record is less than perfect.
ChexSystems is a consumer reporting agency that tracks your banking behavior, such as unpaid fees, overdrafts, and account closures. A record in ChexSystems can remain active for up to five years, making it difficult to open new accounts. Since about 80% of U.S. banks and credit unions use ChexSystems, it can be a significant barrier for individuals with past financial difficulties.
BMO Harris’s ChexSystems Policy
If you’re thinking about opening a checking account with BMO Harris, it’s worth noting that they do rely on ChexSystems to screen applicants. If your ChexSystems report includes negative information, such as overdrafts or unpaid fees, it could affect your chances of being approved for an account.
How ChexSystems Limits Your Banking Options
Since ChexSystems records can remain on file for up to five years, they may prevent you from accessing standard banking services. Issues like unpaid fees and overdrafts can make opening a new account challenging at institutions that use ChexSystems. Fortunately, there are other options for those who need financial services without the barrier of a ChexSystems review.
Alternatives to BMO Harris That Don’t Use ChexSystems
While BMO Harris uses ChexSystems, there are plenty of banks and credit unions that do not. These banks offer options for those with past banking issues. Here are a few great alternatives to consider:
U.S. Bank
- Up to $400 sign-up bonus
- $25 minimum opening deposit
- Monthly service fee can be waived
- Over 40,000 fee-free ATMs
SoFi
- Up to $300 sign-up bonus with direct deposit
- No minimum opening deposit
- Earn up to 3.80% APY
- Over 55,000 fee-free ATMs
- Early pay with direct deposit
Current
- Build credit and earn points with every swipe
- No minimum opening deposit or maintenance fees
- Get paid up to 2 days faster
- No credit check or ChexSystems
Learn More
- Banks That Don’t Use ChexSystems – Take the first step to rebuilding your banking history with our list of banks that do not use ChexSystems for account approval.
- Credit Unions That Don’t Use ChexSystems – Find a credit union that will work with you, not against you. Learn about the credit unions that don’t use ChexSystems.
- Am I in ChexSystems? – Unsure if you’re in ChexSystems? Learn how to find out and take control of your financial status.
- How to Get Out of ChexSystems – Learn how to get out of ChexSystems in four simple steps.
- Second Chance Checking Accounts – Take control of your financial future with our list of over 250 banks that offer second chance checking accounts.
